Considering that Update 1 was published in Fall 2003 and the MS updates you're asking about are 2004 updates, I'd imagine the official Cisco position would be they can't guarantee it since they couldn't have possible regression tested on a system with those MS updates applied.
That said, I myself have run CiscoWorks LMS with update 1 (plus IDU's through the latest - #9) and all currently available Windows patches on both a CW server (built on Windows 2000 Workstation) and client (Windows XP Pro) without running into any problems.
YMMV.
